Landmark building to be stripped and rebuilt following £12.9million sale

Eton House, the landmark building on Paradise Road in the centre of Richmond, has been sold for £12.9million.

The purchasers intend a complete makeover of the building, which will be gutted, rebuilt, modernised and extended with an added floor on the top.

It has been bought by Barwood Capital's Growth Fund IV (GFIV) which said: "The purchase will see the building undergo a full back-to-frame refurbishment with an additional floor of office accommodation and roof terrace."

The intention is to create a building that reaches the 'excellent' standard, according to BREEAM, which evaluates energy and water use, health and wellbeing, pollution, transport, materials, waste, ecology and management processes.

Eton House, which measures 32,774 sq ft office, became vacant in November 2021 and was acquired from Aviva Life & Pensions UK Ltd for £12.9m.

Adam Smith, Asset Management Director at Barwood Capital, said: "The pandemic has accelerated existing themes in the office sector, where well specified office space with a keen focus on ESG credentials (Environmental, social, and governance) continues to outperform.

"Our refurbishment strategy for this asset aims to deliver such space into a supply constrained market."

Charlie Bishop, Director at Moorevale, the development manager for the scheme, said: "Our refurbishment project will have a big focus on sustainability, delivering a best-in-class building that will offer its customers a range of amenity options."